On 20/04/2021 TraderTalent.com is bringing you another guest post from Bryan Noble of TraderNoble.com.

U.S. Equity Markets fell from their highs to start the week, with all three main Indexes closing in the red. There were not many drivers, though there was some focus on overly bullish sentiment from retail investors. Elsewhere, President Joe Biden is scheduled to meet with a bipartisan group of lawmakers at the White House overnight to pitch the merits of his $2.3 trillion infrastructure plan. This comes following reports that Democrats would accept a 25% corporate tax rate to fund the Bill (down from the initial 28% tax rate). In vaccine news, National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci said he expects a decision from health officials on Johnson & Johnson’s coronavirus vaccine by Friday. And a report from the Wall Street Journal suggested that the vaccine could be re-approved for people over 50. European Markets closed mixed. Investors await the European Central Bank’s latest policy update on Thursday, where President Christine Lagarde is expected to say it is too soon to withdraw economic support. Iran and the U.S. were said to be moving closer to an agreement on reviving the 2015 nuclear accord, potentially allowing more oil supply to enter international markets. The Italian government was said to be looking at ways to produce mRNA COVID-19 vaccines in the country to bolster its own supply. European Union coronavirus vaccinations rose to 110.7 million through yesterday, with a daily average of 2.4 million doses administered over the last week. The governments of Japan and the U.S. issued a joint statement expressing concerns about recent actions from China they see as inconsistent with international law. Japan’s export and import data for March were stronger than expected, rising by double digits for the first time since 2017, signalling the global economy continues to rebound. Japan’s Final Industrial Production data for February rose versus the initial reading, indicating economic activity there is accelerating. Taiwan’s central bank governor Yang Chin-long said it may increase its 2021 economic growth estimate from 3.68% to 4.53% due to rising demand for technology products. Elsewhere, Gold closed 0.56% lower despite a much weaker Dollar and profit-taking after rising last week, while Bitcoin rebounded from weekend weakness to close 10% lower.

To mark my 2300th issue of TraderNoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day To demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on [email protected] for details

For anyone following my Platinum Service it made 45 points yesterday and is now ahead by 233 points for April, having ended March with an impressive gain of 3769 points, having made 3286 points in February, 2077 points in January, 2273 points in December, 2025 points in November, 2779 points in October, 3042 points in September and 2383 points in August. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points

 

Equities

The S&P 500 closed 0.53% lower at a price of 4163.

The Dow Jones Industrial Average closed 123 points lower for a 0.36% loss at a price of 34,077.

The NASDAQ 100 closed 0.96% lower at a price of 13,907.

The Stoxx Europe 600 Index closed 0.1% higher.

Yesterday, the MSCI Asia Pacific Index rose 0.1%.

Yesterday, the Nikkei closed 0.01% higher at a price of 29,685.

Currencies

The Bloomberg Dollar Spot Index closed 0.5% lower

The Euro closed 0.5% higher at $1.2035.

The British Pound closed 1.3% higher at $1.3986.

The Japanese Yen closed 0.6% higher at 108.14 per dollar.

Bonds

Germany’s 10-year yield closed three points higher at -0.23%.

Britain’s 10-year yield closed one basis points lower at 0.76%.

US 10 Year Treasury closed two basis points higher at 1.61%.

Commodities

West Texas Intermediate crude closed 0.46% higher at $63.41 a barrel.

Gold closed 0.56% lower at $1,768.10 an ounce.

This morning on the Economic Front we have German PPI and UK Unemployment/Average Earnings at 7.00 am. This is followed at 9.00 am by the ECB Bank Lending Survey. We have no U.S. Data due this afternoon but we do have earnings from Johnson and Johnson plus Netflix.

June S&P 500

Although the S&P traded in a wide range yesterday, both my sell and buy level were not touched and I am still flat. I will continue to be a buyer of the S&P on any dip lower to 4120/4135 with the same 4105 ‘’Closing Stop’’. The S&P has resistance from 4182/4197 and I will now raise my sell level to this range while leaving my ‘’Closing 4211 Stop’’ unchanged. If I am taken long I will have a T/P level at 4148. If I am taken short I will have a T/P level at  4173.

EUR/USD

Frustratingly, the Euro missed my 1.1940 buy level by two points before rallying 100 points to sit at 1.2040 as I got to press. Thankfully, we had no sell level and are still flat. I will now raise my buy level to 1.1940/1.1990 with a higher 1.1895 stop. If I am taken long I will have a T/P level at 1.2025.

June Dollar Index

The Dollar fell 0.5% yesterday and I am now long at a price of 91.30. I will add to this trade at 90.90 while leaving my stop unchanged at 90.65. I will now lower my T/P level to 91.55 and if any of the above levels are hit I will be back with a new update for my Platinum Members.

June DAX

I was unlucky with my 15505 stop on Friday as the DAX fell almost 200 points yesterday and I am still flat. The DAX has strong support from 15080/15150 and I will be an aggressive buyer on any dip to this area with a 15015 tight stop. If I am taken long I will have a T/P level at 15210.

June FTSE

No Change. I am still short from last Thursday at 6940 with the same 6915 T/P level. I will add to this trade at 7000 while leaving my 7035 tight stop unchanged.

Dow Rolling Contract

I was unlucky with my calls yesterday as the Dow also missed my 33950 T/P level by 20 points before rallying into the close. The Net Long position held by Small Traders as shown by the latest Commitment of Traders Report is at a three-year high. This report shows that the three-month average allocated to stocks versus other assets is at 69.2%, which is the highest level in 10 years before the market dropped over 15%. I am still short the Dow at 33970 and as I have this position too-long I will now lower my exit level to a small loss at 34010, hoping for a rebound rally to get short at a better rate. I will leave my 34205 ‘’Closing Stop’’ unchanged and I will come back to my Platinum Members with an update if any of the above levels are executed.

June NASDAQ

My NASDAQ plan worked well with the market trading higher to my 14030 sell level before falling 200 points. Unfortunately, I covered this position too early at 13985 and I am still flat. The NASDAQ has support from 13680/13780 where I will be a buyer with a 13595 stop. We have resistance from 14080/14160 where I will be an aggressive seller with a 14245 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 13850. If I am taken short I will have a T/P level at 14025.

June BUND

Yesterday afternoon the Bund traded lower to my 170.30 buy level. I am still long and I will now lower my T/P level to 170.60. I will now raise my stop to 169.65 on this position.

Gold Rolling Contract

No Change. I am still flat and my only interest in buying Gold is still on a dip lower to 1730/1745 with the same 1718 stop. If I am taken long I will have a T/P level at  1752.

Silver Rolling Contract

Silver closed lower despite the weaker Dollar and I am still flat. I will continue to be a buyer from 24.80/25.40 with the same 24.35 stop. If I am taken long I will have a T/P level at 25.65.

Your Platinum Subscription intraday updates will appear here once they are published.

Update 1

Hi Everyone

The Dow is trading 250 points lower from where I posted earlier this morning and I am now flat as my 34010 exit level was executed on my 33970 short position from last week
The Dow has strong support from 33550/33700 where I will be an aggressive buyer with a 33395 ”Closing Stop”. If I am taken long I will have a T/P level at 33840
Earlier the Bund hit my 170.60 T/P level on yesterday’s 170.30 long position while the sell-off in equities saw my 6915 T/P level filled in the FTSE
The  S&P traded lower to my 4133 buy level. The 4125/4140 is key support as a break and close below 4130 opens up the possibility of a move lower to at least  4050
I will now lower my T/P level on this long S&P position to 4141
Finally, the Dollar sold off to my second buy level at 90.90 for a now 91.10 average long position. I will leave my 90.65 stop unchanged while lowering my T/P level to 91.25
Kind Regards
Bryan
Update 2

Hi Everyone

Shortly after I posted the  S&P rallied to my 4141 T/P level before falling  25 handles from its rebound high
This move lower in Equities saw my 15140 DAX buy level filled. I will now lower my T/P level to 15165
Kind Regards
Bryan
Update 3

Hi Everyone

Since my last update the DAX hit  my 15165 T/P level on my 15140 long position and I am now flat
Both the NASDAQ and Dow subsequently sold off to my 13760 buy level for the NASDAQ and 33695 aggressive buy level in the Dow
We have bounced small in the Dow and I have now exited this long position here at 33735 and I am now flat
I will lower my NASDAQ T/P level to 13810 ahead of the Netflix Earnings  which are due at 9.00 pm
Remember in fast markets please do not wait for my update if you see a decent profit
Kind Regards
Bryan
Update 4

Hi Everyone

Thankfully the Dow rallied 100 points after I sent my last update  which hopefully gave you a better exit level than me
The  NASDAQ hit my 13810 T/P level before dropping on the Netflix earnings in the last few minutes
Kind Regards
Bryan
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